贵州财经大学学报

›› 2016 ›› Issue (01): 53-58.

• 金融经济 • 上一篇    下一篇

社会资本、政治关系与公司投资行为研究

黎珍1, 陈乾坤2   

  1. 1. 贵州师范大学 历史与政治学院, 贵州 贵阳 550001;
    2. 山西大学 管理与决策研究所, 山西 太原 030006
  • 收稿日期:2016-08-15 出版日期:2017-01-15 发布日期:2016-01-11
  • 作者简介:黎珍(1973-),女,重庆人,贵州师范大学历史与政治学院哲学博士、教授,研究方向为社会资本;陈乾坤(1982-),男,河南人,山西大学管理与决策研究所管理学博士后,研究方向为公司金融研究。
  • 基金资助:

    贵州省政治学研究生卓越人才培养计划[黔教研合ZRC（2013）011]。

Research on Social Capital, Political Connection and Company Investment Behavior

LI Zhen1, CHEN Qian-kun2   

  1. 1. School of History and Political Science, Guizhou Normal University, Guiyang Guizhou, 550001, China;
    2. Institute of Management and Decision, Shanxi University, Taiyuan Shanxi, 030006, China
  • Received:2016-08-15 Online:2017-01-15 Published:2016-01-11

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摘要： 以社会学、政治学和经济学为理论基础，研究了社会资本、政治关系及其交互项对公司投资行为的影响。研究发现：社会资本提高，国有公司能够有效降低过度投资水平，而没有足够的理由认为非国有公司在社会资本提高后也降低了过度投资水平；政治关系提高了国有公司和非国有公司的过度投资行为；在存在政治关系的背景下，社会资本会抑制公司的过度投资行为；政治关系对国有公司和非国有公司过度投资的影响比社会资本的影响更大。

关键词: 社会资本, 政治关系, 投资行为

Abstract: Based on the theoretical analysis of sociology, political science and economics, this article researches the effect of social capital, political connection as well as its interaction term on the investment behavior of companies. Empirical findings include:the state-owned companies have effectively reduced the level of excessive investment with the increase of social capital. But there are no enough reasons to reckon that the non-state owned companies have also reduced their level of excessive investment accordingly. The political connection has improved the excessive investment behavior of the state-owned and non-state owned companies. In the context of political connection, social capital will restrain the company's excessive investment behavior. The influence of political connection on the over-investment of state-owned companies and non-state companies is more significant than that of social capital.

Key words: social capital, political connection, investment behavior

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